Thor Energy plc (AIM, ASX: THR, OTCQB: THORF) is pleased to announce the receipt of the cash completion payment for A$2,250,000, pursuant to the term sheet executed with ASX-listed Tivan Limited (ASX:TVN) for the sale of the Molyhil Tungsten-Molybdenum-Copper Project in the Northern Territory, Australia.
Three additional payments totalling A$3,937,500 are due between September 2026 and September 2028, bringing total sale proceeds to Thor of A$6,562,50.
HIGHLIGHTS
- Conditions precedent to the sale of the Project have been met to the satisfaction of Tivan and the FRAM JV partners, triggering a cash payment to Thor of A$2,250,000.
- As outlined below, commencing in September 2026, three successive annual deferred completion payments totalling A$3,937,00, until September 2028, payable in cash, shares or a combination at Tivan’s election.This will bring the total sale proceeds to Thor of A$6,562,500.
- Significant, non-dilutionary boost to Thor’s cash position strengthens the Company’s position to advance its core HY-Range natural Hydrogen and Helium Project in South Australia.
- Also provides further financial resources to further progress the Company’s existing Alford East Copper-Gold portfolio in South Australia, with an announcement outlining our metals strategy to be released soon.
We are exceptionally pleased to report that the conditions precedent have been met to trigger the payment of A$2,250,000 to Thor. For Thor shareholders, the monetisation of Molyhil has already led to a significant inflow of cash to the Company, and there will be three further annual payments of A$1,312,500 commencing from this September. This means more resources to advance Hy-Range and less dilution to achieve this. Furthermore, following the significant new external investment into our 20%-owned EnviroCopper Limited, a leading ISL Copper company, we now turn our attention to our 80% interest in the nearby Alford East Copper Portfolio which we have chosen to retain. We look forward to updating shareholder son our 2026 plan for these assets soon.